Continuing with its soft monetary stance, Bank of England (BoE) today retained the benchmark interest rate at 0.50 per cent for the eight straight month and will inject another 25 billion pounds to boost the economy.

BoE holds key rate; to pump in extra 25 bn pounds

Press Trust of India

Eyeing to grow big in the domestic banking space, state-run Corporation Bank today launched its loan syndication business and plans to foray into the general insurance space in the next six months.

Corp Bank launches loan syndication; non-life ins foray soon

The India Innovation Fund (IIF) &mdash; set up in January 2008 &mdash; promoted by the National Association of Software and Services Companies (Nasscom) and ICICI Knowledge Park, has achieved its first closing corpus of Rs 40 crore. This will be scaled up to Rs 100 crore.

Innovation fund raises Rs 40 cr in first tranche

Business Standard

JPMorgan Chase &amp; Co and UBS AG expect mergers advisory to account for a bigger slice of revenue in India next year as companies that bolstered their finances through stock sales in 2009 seek acquisitions. At least 30 per cent of revenue will likely come from M&amp;A advisory in 2010, after equity underwriting accounted for more than 90 per cent so far this year, according to the heads of JPMorgan and UBS in India.

JPMorgan, UBS say M&As may earn 30% of Indian fees

Standard Chartered (StanChart), the third-largest bank in the United Kingdom by market value, wants to do business almost exclusively in Asia and emerging markets. Any executive of the lender who dares to depart from that strategy risks the wrath of Mike Rees, the chief executive officer for corporate banking.

StanChart high on Asia story, logs 79% returns

Restates its pledge to keep rates &lsquo;exceptionally low&rsquo;.

Fed signals growth alone won&#39;t warrant rate hike

Central bank unlikely to allow inclusion of write-offs in loan-loss coverage calculation.

RBI may stick to loan-loss norms

Mangalore-based Corporation Bank has projected Rs 4,000-6,000 crore capital requirement to the government assuming a business growth of 25 per cent over the next three years with capital adequacy ratio of more than 12 per cent.

Corporation Bank needs Rs 6,000 crore capital

Banks see funds flowing into current, savings accounts.

Low-cost deposits are back

The move goes against RBI&rsquo;s hint of withdrawal of easy money policy.

PNB, Axis cut retail loan rates

All citizens of the country can now buy a pension plan at retirement age with the pension regulator increasing the maximum age for entering the new pension scheme (NPS) from 55 years to 60 years.

Regulator ups maximum entry age for NPS to 60

The Indian rupee today appreciated by 20 paise to touch a week-high of 46.80 against the US dollar in early trade, on dollar selling by exporters.

Re at week's high, up 20 paise at 46.80/$

Tata Teleservices today announced a partnership with Corporation Bank and PayMate to launch a mobile money transfer service in the next 12 months.

Tata Tele partners Corp Bank, PayMate for m-Commerce

Financial service major Citigroup is planning to relaunch Citi Alternative Investments, a unit that contains its hedge fund operations, a media report said.

Citi to relaunch hedge fund ops: report

Bailed out mortgage lender Fannie Mae has reported losses of $19.76 billion for the September quarter, bogged down by staggering credit-related expenses.

Fannie Mae Q3 loss at $19.7 bn; seeks $15 bn Fed funds

Private non-life insurer Bajaj Allianz today announced the appointment of Hemant Kaul as the new CEO of the company.

Bajaj Allianz appoints Hemant Kaul as CEO

With this, deposits with a maturity of 181 days to less than one year will now carry an interest rate of 5.25 per cent against 5.75 per cent earlier, a bank communique to the Bombay Stock Exchange said.

SBI cuts deposit rates by 25-50 bps

The Royal Bank of Scotland (RBS), in which the UK government holds majority stake, has posted an operating loss of 1.53 billion pounds for the September quarter, as the battered entity continued to see higher impairment charges.

RBS posts 1.53 bn pounds operating loss in Q3

India's largest lender State Bank of India (SBI) has extended its special home loan scheme at 8 per cent interest rate by over four months to March 31, 2010, a move which would provide relief to small home loan borrowers.

SBI extends 8% home loan scheme to March 2010

Continuing in the black for the second straight quarter, American International Group (AIG) has posted profits to the tune of $455 million for three months ended September quarter.

AIG posts 2nd straight quarterly profit

The bank extends 8% home loan scheme till March.

SBI deposit rates cut 25-50 bps

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